HONG KONG, April 8, 2024 /PRNewswire/ — The Singapore-based subsidiary of Philippine investment firm DoubleDragon Corporation, Hotel101 Global Pte. Ltd. et its subsidiaries (“HOTEL101” or “HBNB”) and JVSPAC Acquisition Corporation (Nasdaq: JVSA) (“JVSPAC”) announced that they have entered into a definitive merger agreement. Hotel101 is a pioneering hotel generation operator in a globally standardized, asset-trapped “condotel” business model. The combined entity is expected to be indexed on the NASDAQ under the ticker symbol “HBNB. “
Hotel101 is expected to have a net worth of more than $2. 3 billion following the final touch of the transaction, which is expected to close in the second half of 2024, subject to regulatory and shareholder approvals and other standard final conditions.
Management believes that Hotel101 is a global “one-room” hotel chain poised to revolutionize the tourism industry by providing standardized hotel rooms around the world, creating what control considers unbeatable efficiency, simplicity and value. Management believes that Hotel101s are effective in building, maintaining, and operating, as well as evolving and growing through direct development, joint venture partnerships, and licensing.
Management believes that the Hotel101 platform is unlike anything you can have in the world today: although it is similar to other short-term rental platforms, in that its shares belong to third-party owners of individual condominium units who would possibly decide on whether to list their unit on the Hotel101 platform, it can offer consistency, security, and predictability to its guests, as well as possibly greater acceptance in the communities where it operates, as all of Hotel101’s homes are intentionally built as hotel assets. The global opportunity Control sees in the hospitality industry is standardization, which it believes provides unbeatable efficiency, especially for the price segment. In addition, Hotel101’s proprietary app adopts dynamic pricing for its room rates and is expected to offer automatic verification. -in, simplified by the availability of a single room type.
Hannah Yulo-Luccini, CEO of Hotel101, said: “Hotel101’s asset-based business style allows us to generate profits on two occasions: firstly, through the pre-sale of individual staggered hotel sets during the structure phase; and secondly, thanks to the long service life. Future recurring earnings from hotel operations day by day after the final touch on the sets. Building on the good fortune of our style of business in the Philippines, where we have several houses in operation and others in the pipeline, and our ongoing overseas expansion in Japan, Spain and the United States, we believe a NASDAQ board will give Hotel101 access to public capital markets and help drive our global expansion plans. “
Edgar “Injap” Sia II, CEO of DoubleDragon Corporation and founder of Hotel101, said, “With its unique and cutting-edge concept, Hotel101 has significant prospects to expand globally effectively. Elevate the logo and gain advantages for all stakeholders in your ecosystem. “Standardizing a Hotel101 room globally means a guest knows exactly what to expect no matter where they are in the world. Management also expects this formula to result in the creation of sustainable pricing for consumers around the world. “
Albert Wong, President of JVSPAC Acquisition Corporation, said, “Today marks a vital step towards a successful combination of JVSPAC and Hotel101. We have been looking for a component that fits our vision and we are confident that this merger will position us for long-term success. We are pleased to be working with Hotel101 and that their unique business style and the track record of their founders will be a disruptive force in the hospitality industry. “We are revered for being a component of their adventure and will be the ones to launch their corporations into the public capital markets.
By building giant-scale homes (the length of which, according to control estimates, is five times longer than that of other 3-star hotel chains), Hotel101 is able to offer its visitors services that go far beyond what control considers typical in this price segment. These amenities include kitchenettes in the rooms, pools, fitness centers, business centers, all-day dining, rooms that serve as guest rooms, 24/7 receptions, and children’s play spaces, features that other mid-level players don’t offer.
Outside the Philippines, Hotel101 has inaugurated the structure of a 680-room asset located in the Valdebebas district, next to the IFEMA congress complex, the Real Madrid complex and the new F1 Grand Prix circuit, in Madrid, Spain. Other 482-room assets, Hotel101-Niseko, is under construction in Hokkaido, Japan; and a secured site in Los Angeles, California, to build the first Hotel101 in the United States.
Hotel101’s long-term vision is to have one million rooms, operating in more than one hundred countries around the world. As a first step, Hotel101 visited the 25 countries with the highest priority for expansion: the Philippines, Japan, Spain, the United States, the United Kingdom, the United Arab Emirates, India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and Saudi Arabia.
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About DoubleDragon Corporation
DoubleDragon Corporation currently has total assets of approximately US$3 billion, with a portfolio spanning more than one million square meters of gross floor space, mainly from the provincial network of grocery shopping malls, a number of buildings, a chain of commercial warehouse complexes, and its hotel chains.
DoubleDragon Corporation has been indexed on the Philippine Stock Exchange since 2014 and is controlled through two entities that own a combined majority stake of 70%: Injap Investments Inc. , which is a private holding company led by Filipino businessman Edgar “Injap”. Sia II, who is also chairman of MerryMart Consumer Corp and founder of Mang Inasal, one of the Philippines’ largest QSR fast-food chains, now under Jollibee Foods Corp. ; and Honeystar Holdings Corp. , a privately held holding company run by Filipino entrepreneur Tony Tan Caktiong, who is also chairman and founder of global fast-food chain QSR Jollibee Foods Corp. Jollibee is the largest QSR fast food company in the Philippines. and one of the largest in the world with a portfolio of food brands with more than 6,000 retail outlets worldwide. Jollibee Foods Corp. recently has a market capitalization of more than $4. 6 billion.
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About JVSPAC Acquisition Corporation
JVSPAC Acquisition Corporation is a blank check corporation created for the purpose of effecting a business combination (Special Purpose Acquisition Company). Nasdaq-listed JVSPAC is led by Chief Executive Officer Mr. Albert Wong. Mr. Wong has more than two decades of experience in governance, investment, marketing and capital markets, with a focus on capital raising, special situations advisory, portfolio and project governance and execution. Since 2010, Mr. Wong has served as CEO and director of Kingsway Group Holdings, a conglomerate distributing luxury products ranging from yachts to automobiles and prestige lifestyle solutions. Kingsway is the sole Lamborghini dealer in Hong Kong, Macau and Guangzhou. Kingsway is also the exclusive distributor of Koenigsegg Automotive, Rimac Automobili and Bugatti Automobiles for China (including Hong Kong and Macau). Additionally, Kingsway works with Tesla Inc in the field of after-sales service. Mr. Wong is also a co-founder of JVSakk Group and has been its CEO since 2010. JVSakk is a Hong Kong-based monetary corporation offering securities, asset and fund control broking services. It is also a licensed insurance broker and real estate company in Hong Kong. Wong is responsible for overseeing growth, strategy and investment decisions and, as of the end of 2022, JVSakk had approximately HK$6 billion in assets under control. Since 2014, Mr. Wong has been a member of the Advisory and Operating Board of Isola Capital Group, a family office and asset control platform that provides shareholders and investors with access to exclusive investment opportunities and asset control solutions. .
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Find out more about: www. hotel101global. com
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Advisors
Merdeka Corporate Finance Limited is acting as monetary advisor and Milbank (Hong Kong) LLP is acting as legal advisor to Hotel101 Global Pte. Ltd. Loeb.
Additional data on the proposed transaction will be obtained by adding a copy of the business combination agreement, in an existing report on Form 8-K, which will be filed through JVSPAC Acquisition Corporation with the Securities and Exchange Commission (“SEC”) and available on www. sec. gov. In connection with the proposed transaction, JVSPAC and PubCo intend to jointly register the registration array that will come with a power of attorney and a prospectus with the SEC.
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Forward-Looking Statements
This press release includes “forward-looking statements” that could possibly be learned by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect. “”anticipate,” “believe,” “seek,” “target” or other similar expressions that expect or imply long-term occasions or trends or that are not statements of past matters. These forward-looking statements include, but are not limited to, statements relating to projections, estimates and forecasts of revenue and other monetary and functionality measures, projections of market opportunities and expectations, the estimated equity price of the combined company, Hotel101’s ability to evolve and expand its business, the benefits and expected expansion of the combined company, the combined company’s ability to seek and retain talent, the combined company’s monetary position after the completion of the transaction, the ability of JVSPAC and Hotel101 to consummate the transaction, and expectations similar to the terms and timelines of the transaction, if any. These statements are based on assumptions, whether or not known in this press release, and on the existing control expectations of JVSPAC and Hotel101 and are not expectations of actual functionality.
These forward-looking statements are for illustrative purposes only and are not intended to be, nor should they be relied upon by any investor, any guarantee, assurance, expectation or definitive fact or probability. It is difficult, if not impossible, to expect actual occasions and cases and will differ from the assumed ones. Many actual occasions and cases are beyond the control of JVSPAC and Hotel101. These forward-looking statements are subject to a number of threats and uncertainties, including the ability of JVSPAC and Hotel101 to effectively or timely complete the proposed transaction, adding the threat that regulatory approvals may not be obtained. subject to unforeseen conditions. may also have an adverse effect on the combined company or the expected benefits of the proposed transaction or the approval of shareholders of JVSPAC or Hotel101; failure to achieve the expected benefits of the proposed transaction; the ability of the combined corporation to implement its business model, its potential business expansion opportunities in foreign countries and its expansion strategies, to retain and expand the use of its hotel facilities among consumers and attract new customers, and search and retain. talent; threats related to the monetary resources and monetary resources of the combined corporation; threats related to Hotel101’s business; threats such as the vulnerability of JVSPAC and the combined company to security breaches; threats such as the ability of the combined company to manage its long-term expansion; the effects of the festival on the long-term operations of the combined company; the number of redemption requests made through JVSPAC’s public shareholders; the latest results of any potential litigation, governmental and regulatory proceedings, investigations and investigations involving the parties to the Transaction; the effect of the COVID-19 pandemic on the business of Hotel101 or the combined company and the global economy; and the points discussed in JVSPAC’s final prospectus relating to its initial public offering dated January 18, 2024, under the heading “Risk Factors”, in JVSPAC’s Annual Report on Form 10-K for the fiscal year ended on December 31, 2023 under the heading “Risk Factors” filed with the SEC on April 1, 2024 and other documents filed or to be filed through JVSPAC with the SEC. If any such threats materialize or our assumptions prove incorrect, the actual effects of the matrix may also differ materially from the effects implied by such forward-looking statements. There may be other threats that neither JVSPAC nor Hotel101 is currently aware of or that JVSPAC and Hotel101 consider irrelevant and which may also cause actual effects to differ from those contained in the prospective announcements. In addition, forward-looking statements reflect JVSPAC’s and Hotel101’s expectations, plans or forecasts of long-term events and reviews as of the date of this press release. JVSPAC and Hotel101 anticipate that upcoming events and developments will cause JVSPAC and Hotel101’s ratings to change. However, although JVSPAC and Hotel101 would likely elect to update such forward-looking announcements at some point in the long term, JVSPAC and Hotel101 specifically disclaim any legal responsibility to do so. These forward-looking statements should not be relied upon as representing JVSPAC’s and Hotel101’s testing as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking announcements.
Important information about the proposed transaction and where to make it.
The proposed transaction will be presented to JVSPAC shareholders for review and approval. JVSPAC and PubCo intend to jointly file a registration (the “Registration Statement”) with the SEC that will come with initial and definitive proxies to be distributed to JVSPAC stockholders in connection with JVSPAC’s solicitation of proxies to vote through of JVSPAC shareholders in connection with the Proposed Transaction and other matters described in the Registration Statement, as well as a prospectus relating to the supply of securities to be issued to Hotel101 shareholders in connection with the final touch of the Proposed Transaction . Once the registration is registered and declared effective, JVSPAC will send a definitive proxy and other applicable materials to its shareholders as of the registration date established for the vote on the proposed transaction. Shareholders of JVSPAC and other interested persons are invited to read, when available, the initial proxy/prospectus and any amendments thereto and, when available, the final proxy/prospectus, in connection with the solicitation of proxies by JVSPAC for its special meeting of shareholders in order to approve, among other things, the proposed transaction, as those documents will include vital data about JVSPAC, Hotel101 and the proposed transaction. Shareholders may also download a copy of the initial or final proxyArray when it becomes available, as well as other SEC-filed documents relating to the proposed transaction and other SEC-filed documents through JVSPAC, without rateArray on the JVSPAC’s online page. SEC located at www. . Arraysec. gov or by submitting a request to JVSPAC.
Participants in the call
JVSPAC, DoubleDragon Corporation, Hotel101 and their respective directors, executive officers and other officers and workers may, under SEC regulations, be considered participants in JVSPAC shareholder proxy applications in connection with the proposed transaction. Information relating to persons who, under SEC regulations, may be considered participants in JVSPAC’s shareholder solicitation in connection with the proposed transaction will be set forth in the proxy statement/prospectus to be filed with the SEC in connection with the transaction. . More details about JVSPAC’s directors and officers can be found in JVSPAC’s final prospectus for its initial public offering dated January 18, 2024. The proxy statement shall include additional data relating to the participants in the proxy application and a description of their direct and indirect interests. /leaflet when available. Shareholders, prospective investors and other interested persons carefully read the proxy statement/prospectus when it becomes available before making any voting or investment decisions. You can download loose copies of those documents from the previously indexed resources.
No Offer or Solicitation
This press release shall constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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